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IT'S EASY
The colourful competition between Bookmaker and punter is an atmosphere
unique to a racecourse and one that should be experienced.
No matter how big or small the bet, a Bookmaker will be happy to take
you on!
Some newcomers are hesitant to place a bet with Bookmakers at a
racecourse, believing they are only there for the big punters. This
is far from the truth. You don't have to be a big punter to place
a bet with a Bookmaker.
Bookmakers are also happy to answer any of your enquiries regarding
odds (dividends). All you have to do is ask.
HAVING A BET WITH A BOOKMAKER
In a horse race, while all horses have a chance, not all horses
are considered as being equally likely to win - that's what makes
betting on the races so exciting.
Bookmakers give their assessment of a horse's chance in a race by
putting up their betting market or dividends display. It is to the
punter's advantage to have an idea of what is a good price about
their selection and to place their wager with the Bookmaker with
the best dividend on offer.
Unlike some other forms of betting, placing a bet with a Bookmaker
guarantees a fixed dividend return.
A Bookmaker's betting board displays the dividend that Bookmaker
is offering for a horse in that particular race. For example, a "5" beside
a horse's name on a Bookmaker's board means they are offering a price
(dividend) of five dollars for that horse to win (odds of 4 to 1).
For example, if you bet $1 on that horse and it wins, you will receive
$5 when you return your betting ticket to the Bookmaker, representing
a figure of the $1 you placed on the horse and the $4 you won from
the Bookmaker.
KNOW WHAT YOU'LL GET, WHEN YOU BET
When you bet with a Bookmaker on-course you know what you are getting.
You are not betting "blind".
By looking at the Bookmakers' Board you know exactly how much to outlay
to win a certain amount. For example if the price on the board is $3
and you invest $1 with a Bookmaker, if the horse wins your return will
be $3. If the price is $5.50 your return for a $1 would be $5.50 or for
$10, it would be $55.00. If you fancy a long short at $51 then for a
$10 investment your return if the horse wins will be $550.00.
The Bookmaker will continue to bet the prices displayed until the amount
they wish to lay against each runner is reached. The Bookmaker then shortens
(reduces) the price and lengthens (extends) the price of other horses
to try to balance his book.
Bookmakers will take bets ranging from 50 cents to thousands of dollars.
To bet with a Bookmaker you need only invest the amount you want to bet.
FIXED DOLLAR DIVIDENDS - THE NEW WAY TO BET
In December 2000, Victoria's Race Bookmakers led the way in the
world of betting by modernising the outdated imperial odds betting
system. The only State in Australia where Bookmakers (Thoroughbred,
Harness and Greyhound at Metropolitan and Country tracks) all converted
to Fixed Dollar Dividend displays simultaneously from 1 December.
The move has been seen by Bookmakers, Government and the Racing Industry
as tremendously innovative and successful. Some established punters
reluctant to accept the change now clearly recognise it as essential
whilst the casual recreational punter who had experienced difficulty
with 13/8 or 8/11 odds now easily manage the fixed dollar dividend
system.
Consequently, more discerning punters are switching to Bookmaker
betting either on course or over the telephone system and betting
turnover with Victoria's Race Bookmakers has increased by ……… since …………
The following table shows a sample of former imperial odds and their
fixed dollar dividend equivalent.
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Imperial Odds
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Dividend Odds
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Return for $1 equals
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1/2
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"
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$1.50
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4/5
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"
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$1.80
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Even
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"
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$2.00
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5/4
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"
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$2.25
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6/4
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''
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$2.50
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2
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"
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$3.00
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5/2
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"
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$3.50
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3
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"
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$4.00
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4
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"
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$5.00
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9/2
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"
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$5.50
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5
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''
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$6.00
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11/2
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"
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$6.50
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6
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"
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$7.00
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13/2
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"
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$7.50
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7
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"
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$8.00
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15/2
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"
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$8.50
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8
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''
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$9.00
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9
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"
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$10.00
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10
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"
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$11.00
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11
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"
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$12.00
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12
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"
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$13.00
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20
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"
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$21.00
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50
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''
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$51.00
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100
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"
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$101.00
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TYPES OF BETTING
Win Only
A "Win Only" Bookmaker will accept bets only on horses
picked to come first. So, if you bet $1 on Phar Lap at $9 (odds of
8 to 1) your investment is $1 and if he wins you collect $9 from
the Bookmaker, which consists of the $1 you invested plus the $8
you have won.
Win and Place or Each Way
An "Each Way" (Win and Place) Bookmaker accepts "Win
Only" or "Each-Way" (Win and Place) bets.
If you bet $1 each way on Phar Lap at $9 (odds of 8 to 1) your investment
is $2 ($1 for a win, $1 for a place).
If Phar Lap wins you collect $12. This represents $9 for your $1 win
investment and also $3 for your $1 place investment (one quarter of the
8 to 1 win odds being 2 to 1 i.e. a $2 win plus your $1 investment).
If Phar Lap runs second or third you lose your win bet of $1 but
collect your place bet of $1 for a total collect of $3.
Where there are less than eight runners in a race, the Bookmaker
pays out only on first and second but the place odds are calculated
at one third of the win odds.
Place Only
A "Place Only" Bookmaker accepts bets on horses picked
to run first, second or third. This is easier than picking the winner
and the dividends offered by the Bookmaker although sometimes unrelated
to the win dividend are usually accessed at approximately one quarter
of the win odds.
If you bet $1 on Phar Lap at $3 for a place your investment is $1 and
if Phar Lap runs either first, second or third, you collect $3.
If there are less than eight runners Phar Lap must run first or second
for you to collect, but in that case the dividend offered will be calculated
at approximately one third of the win odds.
Raceday Doubles
A "Doubles" Bookmaker displays odds for all runners in
each race at a meeting. To make a double bet you need to select horses
to win any two races.
If Phar Lap is in Race 1 at a price of $9 and Tulloch is in Race
3 at $6 and you back them both to win in a double, your dividend
if they both win will be $54.
This represents the $1 for both horses to win with the dividends
displayed then multiplied 9 x 6 which is 54. If Phar Lap and Tulloch
both win, you will collect $54 from the Bookmaker representing your
$1 plus the $53 you have won.
Interstate Betting
Punters can bet on Interstate races in a special ring on the course.
Bookmakers betting on Interstate events give the punter exactly the
same service as Bookmakers betting on local events.
The market is framed on the same basis as it is where the races are actually
being conducted.
To give the punter a complete service racecourses are linked by computer.
Bookmakers' prices are updated from the Interstate Betting Ring continuously
and displayed on on course T.V. monitors. Punters know AT EXACTLY THE
SAME TIME AS THE BOOKMAKER which horses have shortened in price and which
have eased at the Interstate venue.
Multi-Venue, Multi-Mode
Many Bookmakers in both the Local and Interstate rings also give
a multi-venue, multi-mode betting service. That is although they
only display dividends for selected venues and bet types they also
offer prices on request for other venues and other bet types. These
Bookmakers are shown in the race book with the notation (M/V) and
often display on their betting board a multi-venue sign.
Feature Doubles
Betting on feature doubles is a big attraction for punters, both
on course and off course.
A feature double is conducted on two specially selected big races, often
well before the running of the events. The idea is for the punter to
pick the winner of each race. The Bookmaker sets various prices about
different combinations and pays on the price the punter takes at the
time of making the bet.
Often punters bet early (days, weeks, even months before the events)
when the final field is not yet known. Because the gamble is greater
in this form of betting the prices offered are usually much greater
than on the day of the event. Often this is an attraction for the
shop early punter looking for a big return for a small outlay. Betting
on feature doubles is on an "all-in" basis, that is if
one or both the selected horses do not run the punter's bet is lost.
Sport
There are many ways to bet on sporting events with Victoria's sports
Bookmakers.
Almost all sports are covered with traditional bet types win only,
each way, head to head, and multiple (selecting a number of outcomes
to occur) betting among the popular options.
Victoria's Sports Bookmakers offer a 24/7 telephone and internet
betting service.
Ways To Bet
- Win Only
- Each Way (Win and Place)
- Place Only
- Raceday Doubles
- Interstate
- Multi-Venue, Multi-Mode
- Feature Doubles
- Sport
For a list of Bookmakers and their betting options click here.
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